TPG Loses Out On Billabong Deal Despite New $906M Bid

Law360, New York (February 28, 2012, 5:01 PM EST) -- Australian sportswear company Billabong International Ltd. has quit talks with TPG Capital regarding a potential buyout, despite the Texas private equity firm upping its nonbinding offer to AU$841.8 million (US$906 million), Billabong said Tuesday.

The company's board rejected the AU$3.30-per-share offer, which was made Monday, saying it still devalued Billabong. TPG had originally offered the company AU$3 per share during the week of Feb. 17, according to Billabong's investor documents.

Under pressure from major shareholder Gordan Merchant, the board said the increase was not enough to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.